The a16z Market 100: 2021

Final February, we launched the a16z Market 100, a rating of the most important consumer-facing market startups and personal firms. The sequence was a success, spurring debate concerning the evolution of marketplaces and promising new shopper classes.

Then COVID became a pandemic.

The previous yr has been a gut-punch for a lot of market classes. Ticketing marketplaces discovered their companies drastically diminished when occasions have been cancelled world wide. As faculties have been shuttered and plenty of companies enacted work-from-home insurance policies, childcare marketplaces scrambled to undertake new security precautions and keep afloat. Even the #1 market last year, Airbnb, grappled with shutdowns, cancellations, and refunds.

As 2020 drew to a detailed, nonetheless, many marketplaces proved to be terribly resilient—a testomony to the flexibleness of the mannequin. In a yr when in-person interactions have been closely restricted and unemployment went via the roof, marketplaces allowed folks to entry the services and products they wanted and, in lots of circumstances, monetize their very own abilities, companies, and assets. From meals and alcohol supply to video games, on-line training to outside getaways, marketplaces like Instacart, Valve, Outschool, and Hipcamp helped us climate a tough yr.

However whereas it’s tempting to view the info completely via the lens of COVID, as a agency we’re obsessively targeted on the longer term: What’s new and intriguing? Which classes are rising quickest? What’s subsequent? This yr’s rating options greater than two dozen newcomers–together with marketplaces dedicated to thrifting, canine, and hashish—that not solely survived the pandemic, however thrived.

The Market 100 relies on information from Bloomberg Second Measure, a shopper information analytics firm that analyzes billions of purchases to trace real-time shopper habits and relative gross sales throughout over 5,200 retailers. The startups and personal firms on the Market 100 are then ranked utilizing a typical trade metric, Gross Merchandise Value (GMV), which is extrapolated from the entire {dollars} customers are spending towards every firm. See the complete methodology, in addition to information caveats and exclusions, under.

The High Shopper Marketplaces

The second version of the Market 100 gives a brand new perspective. The rating is revealing not solely in uncovering the highest firms and classes of an unprecedented yr, but additionally in showcasing sure startups’ consistency since 2019. You’ll see that information indicated by the rank change from final yr.

Rank	Firm	HQ	Classes	YoY Change	Web site

1 2	San Francisco, CA	Groceries	2	Instacart
2 3	Bellevue, WA	Video games	3	Valve
3 6	Portland, OR	Journey	6	Vacasa
4 6	Detroit, MI	Streetwear	6	StockX
5 2	Seattle, WA	Pets	2	Rover
6 10	Los Angeles, CA	Streetwear	10	GOAT
7 10	Oakland, CA	Vogue	10	ThredUp
8 15	San Francisco, CA	Tickets	15	Viagogo
9 5	San Francisco, CA	Transportation	5	Turo
10 59	San Francisco, CA	Schooling	59	Outschool
11 17	Austin, TX	Journey	17	Outdoorsy
12 9	San Francisco, CA	Magnificence	9	StyleSeat
13 5	New York, NY	Tickets	5	SeatGeek
14 21	Akron, OH	Journey	21	RVshare
15 28	San Francisco, CA	Schooling	28	MasterClass
16 4	New York, NY	Marriage ceremony	4	Zola
17 3	Redwood Metropolis, CA	Schooling	3	Course Hero
18 35	San Francisco, CA	Wholesale	35	Faire
19 –	Chicago, IL	Reductions	–	Raise
20 13	San Francisco, CA	Schooling	13	Udemy
21 6	Chicago, IL	Auto	6	SpotHero
22 11	New York, NY	Well being & Wellness	11	ClassPass
23 15	Mountain View, CA	Schooling	15	Coursera
24 21	New York, NY	Well being & Wellness	21	TalkSpace
25 21	Delray Seaside, FL	Meals & Beverage	21	DeliveryDudes
26 1	St. Louis, MO	Schooling	1	VarsityTutors
27 2	New York, NY	Buying	2	1stDibs
28 13	San Francisco, CA	Dwelling Companies	13	Modsy
29 new	San Francisco, CA	Music	new	Bandcamp
30 4	Boston, MA	Meals & Beverage	4	ezCater
31 36	Chicago, IL	Celeb Engagement	36	Cameo
32 12	Melbourne, Australia	Skilled Companies	12	Envato
33 14	San Francisco, CA	Dwelling Companies	14	Thumbtack
34 new	San Diego, CA	Groceries	new	Mercato
35 23	Bellevue, WA	Buying	23	OfferUp
36 new	Arlington, VA	Meals & Beverage	new	Territory Foods
37 13	Los Angeles, CA	Pets	13	Wag
38 19	New York, NY	Schooling	19	Skillshare
39 new	San Francisco, CA	Hashish	new	Eaze
40 33	San Francisco, CA	Journey	33	Hipcamp
41 4	Santa Monica, CA	Buying	4	Tradesy
42 10	San Francisco, CA	Buying	10	Tophatter
43 new	Berkeley, CA	Groceries	new	Dumpling
44 22	San Francisco, CA	Tickets	22	Gametime
45 21	Philadelphia, PA	Auto	21	EverWash
46 new	London, United Kingdom	Vogue	new	Depop
47 7	San Diego, CA	Schooling	7	TakeLessons
48 17	Los Angeles, CA	Meals & Beverage	17	Saucey
49 19	Chicago, IL	Auto	19	ParkWhiz
50 16	New York, NY	Childcare	16	Sawyer
51 –	San Francisco, CA	Transportation	–	Getaround
52 20	Toronto, Canada	Meals & Beverage	20	Ritual
53 new	St. Cloud, MN	Meals & Beverage	new	Food Dudes Delivery
54 new	Paris, France	Vogue	new	Vestiaire Collective
55 25	Boston, MA	Buying	25	SidelineSwap
56 16	San Francisco, CA	Skilled Companies	16	Toptal
57 7	Mountain View, CA	Auto	7	YourMechanic
58 40	New York, NY	Transportation	40	Via
59 10	New York, NY	Well being & Wellness	10	Zeel
60 29	New York, NY	Meals & Beverage	29	MealPal
61 11	San Francisco, CA	Workplace House	11	Peerspace
62 10	San Francisco, CA	Magnificence	10	Booksy
63 new	San Francisco, CA	Vogue	new	Curtsy
64 17	San Francisco, CA	Meals & Beverage	17	Snackpass
65 new	Dublin, CA	Magnificence	new	Vagaro
66 18	Minneapolis, MN	Vogue	18	Kidizen
67 new	San Francisco, CA	Journey	new	Glamping Hub
68 new	Vail, CO	Journey	new	Harvest Hosts
69 13	San Francisco, CA	Childcare	13	UrbanSitter
70 45	Santa Monica, CA	Tickets	45	Atom Tickets
71 7	Chicago, IL	Meals & Beverage	7	Chowbus
72 new	Seattle, WA	Transferring	new	Dolly
73 new	Denver, CO	Well being & Wellness	new	SonderMind
74 12	Montreal, Canada	Journey	12	FlightHub
75 14	Beaverton, OR	Music	14	Discogs
76 new	San Francisco, CA	Buying	new	Curated
77 35	Vienna, Austria	Journey	35	TourRadar
78 new	New York, NY	Furnishings	new	AptDeco
79 16	San Francisco, CA	Childcare	16	Wonderschool
80 new	New York, NY	Pets	new	Good Dog
81 10	Santa Monica, CA	Well being & Wellness	10	ResortPass
82 12	Vilnius, Lithuania	Buying	12	Vinted
83 10	San Francisco, CA	Groceries	10	GrubMarket
84 10	Newton Higher Falls, MA	Well being & Wellness	10	CoachUp
85 new	Fort Price, TX	Music	new	Musicbed
86 new	Austin, TX	Music	new	BeatStars
87 11	Fort Lauderdale, FL	Journey	11	Boatsetter
88 3	Sao Paulo, Brazil	Well being & Wellness	3	Gympass
89 new	New York, NY	Journey	new	Tentrr
90 77	Tel Aviv, Israel	Transportation	77	Gett
91 new	Vancouver, Canada	Buying	new	Spocket
92 new	San Francisco, CA	Wholesale	new	Tundra
93 45	New York, NY	Tickets	45	Headout
94 new	San Francisco, CA	Meals & Beverage	new	MealHi5
95 27	New York, NY	Childcare	27	KidPass
96 8	San Francisco, CA	Journey	8	Verlocal
97 new	London, United Kingdom	Flowers	new	Floom
98 12	Austin, TX	Groceries	12	Burpy
99 new	Los Angeles, CA	Collectibles	new	Whatnot
100 25	Montreal, Canada	Workplace House	25	Breather

Listed here are the highlights from the second version of the Market 100, which we’ll unpack intimately under:

Market GMV is extremely concentrated. In last year’s ranking, 4 startups accounted for 76 p.c of shopper spend. This yr, nonetheless, greater than 70 p.c of the Market 100’s whole GMV may be attributed to simply one firm.
Edtech accelerates. The largest leap from final yr’s rating was in on-line training. One edtech firm, Outschool, jumped 59 spots in a single yr.
It’s a battle to interrupt out. Past the highest three marketplaces within the Market 100, the competitors is tight: the distinction in GMV amongst adjoining firms #4-100 is lower than a half a proportion level. There’s prone to be motion within the ranks as startups vie for customers’ {dollars} this yr.
The COVID impact is evident. Some newcomers to the checklist have been shocking—together with startups centered round style and journey—however point out rising traits in the way in which we store and escape.
Classes to observe: pets, hashish, and collectibles. Altering shopper habits (in addition to pandemic fatigue) is obvious within the information.

2019 to 2021: Freshmen, Graduates, & Dropouts

There was a big quantity of change within the Market 100 ranks this yr. Twenty-five “freshmen” firms broke into the Market 100 for the primary time. Ten firms that graced last year’s Marketplace 100 have “graduated,” which means they’ve been acquired or filed for an IPO. Many others continued to climb the charts over the course of 2020, experiencing development even amid the pandemic.

In some ways, the Market 100 displays the imprint of a yr like no different.

Key takeaways from the a16z Market 100

1. The Market 100 newcomers reveal rising traits in outside journey, hyper-local meals, and secondhand style.

There have been 25 new entrants to the Market 100 this yr, together with the social buying app Depop (#46), native grocery supply apps Mercato (#34) and Dumpling (#43), and the secondhand furnishings market AptDeco (#78). Whereas newcomers symbolize only one p.c of the rating’s whole GMV, they supply a glimpse into rising classes.

Of the businesses new to the Market 100, almost half fell into 4 classes: meals and beverage, journey, music, and style. Collectively, these classes represented greater than 70 p.c of the freshmen GMV—Bandcamp, the indie music market, and Mercato, an internet grocery market targeted on native retailers, have been the highest-ranking new entrants. A few of these shifts mirror the fallout from COVID: how we eat “out” and store has modified dramatically over the previous 12 months.

Equally, quite a lot of Market 100 freshmen focus on journey—however not as we as soon as knew it. Slightly than specializing in flights or conventional excursions and lodges, rising journey marketplaces are leaning into outside journey. The Market 100 freshmen embody a market to ebook distinctive campsites (Tentrr), to journey in and park RVs (Harvest Hosts), and to find “luxurious” tenting experiences (Glamping Hub). These freshmen joined repeat Market 100 firms just like the tenting market Hipcamp (which shot from #73 on final yr’s checklist to #40) and RV rental firms Outdoorsy (which climbed from #28 to #11) and RVshare (from #35 to #14).

The yr additionally ushered in a wave of recent style marketplaces, together with Curtsy, Depop, and Vestiaire Collective. Versus specializing in prime manufacturers and luxurious labels (just like the RealReal or Poshmark), the freshmen style marketplaces concentrate on distinctive, pre-owned gadgets. The marketplace for on-line thrifting continues to develop; it’s rapidly changing into a stand-alone class to be reckoned with.

And although the pets class had only one new entrant—the canine adoption market Good Dog (#80), which joins repeat Market 100 contenders Rover (#5) and Wag (#37)—the addition seems to be a harbinger of issues to come back. Pets have turn out to be an more and more vital a part of folks’s lives and budgets, a development that accelerated over 2020. Greater than 12 million households took in pets in between March and December final yr—dubbed “pandemic puppies”—and adoption charges multiplied.

Lastly, Whatnot, a dwell buying market targeted on collectibles, edged its means into the rating at #99. Although the startup solely launched in December 2019, the corporate has generated spectacular development (extra on that under). In some ways, the collectibles house feels paying homage to streetwear just a few years in the past, within the early days of GOAT (#6) and StockX (#4). (And now, through the rise of NFTs, anybody can monetize their artwork or media.) These firms supply a singular buying expertise—streamed dwell (Whatnot) or authenticated (GOAT, StockX)—to a distinct segment class with passionate customers. That mixture has fueled jaw-dropping development. Collectibles is a class to observe this yr.

2. Throughout the market ecosystem, shopper spending is concentrated on the very prime.

Ten of the most important marketplaces “graduated” from final yr’s rating after they went public or have been acquired in 2020. Airbnb, Doordash, and Poshmark—three of essentially the most outstanding IPOs—represented over $150 billion mixed in market cap on the finish of their first day of buying and selling. Postmates and Drizly are proof that delivery-focused firms grew to become scorching acquisition targets this yr.

Final yr, we famous that the highest marketplaces have been huge—really big. The graduates reinforce the concept that a handful of firms symbolize the majority of the worth. By means of solely 10 p.c of the businesses in final yr’s Market 100 went public or have been acquired, these firms represented an astounding 57 p.c of the rating’s GMV final yr. From a {dollars} perspective, that could be a monumental quantity of turnover.

One of the crucial hanging outcomes from this yr’s rating is Instacart’s spectacular edge. The web grocery supply and pick-up supplier accounts for greater than 70 p.c of GMV within the Market 100. (For context, final yr’s #1 market, Airbnb, represented simply over 30 p.c of whole GMV.) And regardless of Instacart’s monumental scale, it was the fifteenth quickest rising market of 2020, as properly.

There’s intense competitors among the many ranks of the Market 100. Past the highest three marketplaces on the checklist, no firm accounts for greater than 1.5 p.c of shopper spend, and no firm is separated from its rapid neighbors by greater than half a proportion level. Which means there may very well be a good quantity of shuffling within the coming months, and it’s doubtless we’ll see a markedly completely different Market 100 subsequent yr.

3. COVID crushed some market classes…

Simply as pandemic habits catapulted quite a lot of classes and corporations into the rating, the accompanying fears and obligatory security restrictions hindered others. Particularly, childcare marketplaces shrunk 61 p.c, ticketing marketplaces by 52 p.c, and workplace house marketplaces by 30 p.c.

4. …and supercharged others, together with on-line training, superstar engagement, grocery supply, and wholesale

There was appreciable motion up the ranks by repeat Market 100 firms. The largest leaps got here from the distant studying market Outschool, the superstar engagement platform Cameo, the campsite connector Hipcamp, and the wholesale retail market Faire. These firms have one thing in widespread: they’re all fast-growing marketplaces in a “area of interest” class that was supercharged by pandemic habits.

On common, these 4 standouts rose 41 spots within the Market 100 rating. Previous to 2020, the market measurement for these rising firms was considerably unsure; the previous yr has revealed not solely the enormity of the chance, however the energy of these firms’ product market match.

In the case of the success of enterprise concepts—particularly in tech—timing is critically important. The previous yr pressured many market firms to fully rethink their enterprise fashions. Towards all odds, just a few fortunate classes have been ready to develop.

A number of classes doubled year-over-year, experiencing 100% development or extra.

Cameo spurred superstar engagement, whereas the grocery class was fueled not solely by Instacart, but additionally Mercato and Dumpling. Faire, a wholesale market that permits boutique retailers to search out and buy merchandise from indie manufacturers, single-handedly made wholesale the quickest rising class in final yr’s rating; this yr, it jumped 35 spots. Floom, a service for sending deliveries of bouquets, vegetation, and floral preparations from native impartial florists throughout the U.S., superior the flowers class throughout COVID. And music marketplaces additionally noticed spectacular development, propelled primarily by Bandcamp.

As well as, the training class grew 77 p.c, pushed by firms like Outschool and MasterClass.

Regardless of the plain challenges offered by COVID restrictions and lockdowns, the journey class additionally noticed notable development over the previous yr. That is due largely to the contributions of firms that present “socially distanced” journey choices, akin to RV leases and distant tenting experiences, like Hipcamp, Outdoorsy, RVshare, and Harvest Hosts.

5. Because the yr progressed, we shifted our spending on meals, furnishings, even hashish supply.

The yr began out wanting comparatively regular: we bought tickets for concert events and sporting occasions, we went to the gymnasium and group health lessons, we spent cash on childcare and dog-walkers. Then, as COVID unfold right into a pandemic, marketplaces helped us refill and keep residence—at the least at first.

Within the winter we have been nonetheless within the “outdated regular,” spending on issues like childcare and tickets. In reality, over 70 p.c of whole 2020 spend in each of these classes was in Q1 alone.

Within the spring, as shelter-in-place went into impact, folks leaned on know-how to remain entertained, linked, and relaxed: superstar engagement (within the type of Cameo movies) grew roughly 250 p.c from its Q1 mark, whereas flower supply went up almost 200 p.c from Q1. Whereas each these classes hit their high-water marks in Q2, hashish supply shot up properly over 400 p.c in Q2—and stayed there the remainder of the yr.

As summer time rolled round, shopper customers have been both settling in or relocating totally. Transferring companies like Dolly have been up 200 p.c and furnishings marketplaces like AptDeco have been up almost 100%, in comparison with Q1. In the meantime, folks caught at residence revived the collectibles craze: that class shot up over 400 p.c, relative to Q1.

And because the yr got here to a detailed, buying began to make a comeback. Reside searching for collectibles maintained their momentum, and we noticed elevated spending on wholesale gadgets (+350 p.c, in comparison with Q1) and streetwear (+125 p.c, in comparison with Q1), as properly.

6. Community results aren’t any joke. And for firms with out them, competitors is fierce.

The ability of community results in market companies is obvious within the information. In “open” classes—that’s, these with no sturdy incumbent, like furnishings or music—newcomers like AptDeco, Eaze, and Bandcamp have been in a position to obtain development. In the meantime, in classes which can be dominated by a big established market, a lot of the class’s development was attributed to incumbents, reasonably than newcomers.

7. The 5 fastest-growing startups are rising actually quick—greater than 10x, year-over-year.

The fastest-growing startups reveal emergent shopper classes. Whatnot (#99), a community-driven market for purchasing and promoting collectibles, was the quickest rising market in 2020 (caveat: It launched in December 2019, so its window for 2019 GMV is shorter than others on the rating). Whatnot’s growth highlights two rising traits: collectibles and dwell buying. Collectibles may appear area of interest in isolation, however whenever you mix the class with interactive video, it makes buying really feel novel. Search for dwell buying—aka shopatainment—to develop.

Good Dog (#80), a market that connects aspiring canine homeowners with vetted, licensed breeders and shelters, was the subsequent fastest-growing market in 2020. Not solely did pets turn out to be much more vital on this isolating yr, however the pandemic normalized searching for pets on-line.

Mercato (#34) and Dumpling (#43) each match customers with native grocery suppliers. Although on-line grocery buying at massive went mainstream this yr, firms that mix native retailers and handy supply hit a candy spot in buyer demand.

The fast development of the distant studying market Outschool (#10) over 2020 was doubtless a product of widespread faculty closures. However the firm’s current rise additionally might sign rising adoption of home-schooling and on-line training.

8. Progress and scale have been doable in 2020

We’ve beforehand described the marketplace “mountain”—the concept that it’s tough to take care of excessive ranges of development at excessive ranges of GMV. This yr’s Market 100 challenged that conceit. A choose few firms managed to tug off the unbelievable: reaching the highest 25 by way of GMV and development.

Instacart, Faire, Viagogo, Outschool, and MasterClass have been largely at scale within the lead-up to the pandemic; 2020 managed to vault them ahead years. All achieved spectacular development charges and scale, concurrently. This rarity happens when a market with clear community results meets a shock of demand.

Within the Market 100, 5 of the highest 10 quickest rising marketplaces additionally broke into the highest 50 by way of GMV: Mercato, Dumpling, Depop, Outschool, and Hipcamp.

The previous yr had the potential to be a really powerful yr for market firms, because it was for a lot of industries. As an alternative, the Market 100 is proof of many startups’ spectacular stamina, adaptability, and, most of the time, development.

From meals supply to edtech, music, and tenting, the businesses on the rating symbolize the actions that helped us make it via a tricky yr. The pandemic basically altered how we journey, be taught, and store—and market firms innovated to serve these wants.

Marketplaces firms will proceed to play a key position because the economic system recovers. We’re excited to see what the yr forward holds, and we’re intrigued to see how post-pandemic habits would possibly shake up subsequent yr’s Market 100.

Market 100 Extras

Listed here are the highest 10 largest market startups and personal firms in 2021.

Congratulations to this yr’s honorees. If your organization is featured on the Market 100 and also you’d prefer to share the information, you possibly can obtain a shareable badge here.

For an entire PDF of the a16z Market 100: 2021, together with all of the charts and evaluation, plus extra on market metrics, instructed studying for entrepreneurs, and a market glossary, go here.

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How the Market 100 is ranked

As soon as once more, we turned to the info to assist us analyze the state of {the marketplace} ecosystem: particularly, anonymized, aggregated U.S. shopper spending information captured through bank cards, debit playing cards, and financial institution transfers. The Market 100 relies on information from Bloomberg Second Measure, a shopper information analytics firm that analyzes billions of purchases to trace real-time shopper habits and relative gross sales throughout over 5,200 retailers. This info permits us to evaluate which marketplaces are capturing essentially the most {dollars}, what’s trending up and down, and which classes are rising the quickest.

The startups and personal firms on the Market 100 are then ranked utilizing a typical trade metric, Gross Merchandise Value (GMV), which is extrapolated from the entire {dollars} customers are spending towards every firm. This offers an approximate measure of a market’s scale and its significance within the economic system, based mostly on how a lot income is buying and selling palms between consumers and sellers.

After all, there are lots of caveats and limitations to this method: Notably, it leaves out most B2B marketplaces (although there are lots of we’re enthusiastic about), and understates firms which may obtain funds principally through money, examine, or EBT. As well as, Bloomberg Second Measure’s transaction information is proscribed to the USA, which excludes many high-growth startups that do enterprise internationally. Some firms that will meet the standards of the Market 100—together with 4 firms that have been included in final yr’s rating, Kaiyo, UpCounsel, Artsy, and Splacer—are not on Bloomberg Second Measure’s protection checklist; likewise, some that weren’t coated by Bloomberg Second Measure’s protection final yr now are. Lastly, some merchandise are hybrids of marketplaces and different enterprise fashions; in these circumstances, we’ve used our greatest judgement.

Methodology
A market is any platform that connects consumers and sellers of products/companies with one another and facilitates a transaction.

Market categorization
When the vertical-specific subset of a bigger class accounts for greater than a 3rd of the general class’s GMV, it’s damaged out right into a separate class. For instance, “streetwear” and “style” are subsets impartial from “buying” as a result of they every account for at the least one-third of all GMV within the larger class.

Information supply
Bloomberg Second Measure, an organization that analyzes billions of anonymized, aggregated credit score, debit, and ACH transactions to trace real-time shopper habits and relative gross sales throughout 5,200 private and non-private retailers. The Market 100 is drawn from firms on Bloomberg Second Measure’s protection checklist. Please see the detailed checklist of knowledge caveats and exclusions under.

Timeline
Noticed gross sales are calculated over dates spanning January 2020 to December 2020. 12 months-over-year development charges are counted as gross sales between January 2020 via December 2020 vs. January 2019 via December 2019. Corporations that launched after January 2019 are labeled as such.

Bloomberg Second Measure information is made up of billions of nameless U.S. customers’ bank card, debit card, and financial institution transactions. It excludes non-U.S. customers, enterprise spending, receipt-level info, and funds made through money, examine, or EBT.

Transactions correspond to some firms’ Gross Merchandise Quantity, a good portion of which isn’t income to the corporate.

Bloomberg Second Measure can not reliably attribute bundled income streams.

Ideas should not reliably differentiated from purchases on marketplaces and could also be included in some retailers’ GMV.

Bloomberg Second Measure doesn’t observe income from third-party retailers or different B2B income streams.

Bloomberg Second Measure doesn’t observe spending made with reward playing cards.

Bloomberg Second Measure can not reliably attribute purchases financed via third-party firms like Prosper and Affirm to {the marketplace} related to the acquisition.

Bloomberg Second Measure can not reliably observe spending financed via credit from promoting on a market.

Bloomberg Second Measure doesn’t observe income from company advantages partnership applications.

Bloomberg Second Measure doesn’t observe on-line funds via iTunes or the Apple App Retailer.

Bloomberg Second Measure can not reliably observe market charges.

Bloomberg Second Measure doesn’t observe market income generated by third-party referrals.

There might exist firms that meet the standards of the Market 100, however they don’t seem to be included as a result of they don’t seem to be on Bloomberg Second Measure’s protection checklist.

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